The Luxe is a 39 unit high-end apartment community located less than a mile away from the new Apple campus, which will house about 12,000 employees. Prior owner defaulted on the loan after a massive renovation for a condo conversion. Multifamily Investment Partners acquired this REO from a bank with court receiver mismanaged the property for months. After taking over the property, Multifamily Investment Partners installed professional management team and rebranded the property with new signage package, fountain, lobby upgrades and new interior finishes,which increased the averaged in-placed rent by over $450 per unit. After holding for just over three years, Multifamily Investment Partners sold The Luxe to a large local private owner with XIRR of 30.6% and equity multiple of 1.95x.
Wilson Investment Associates, Individual Private Investors
Pool, Fitness Center, W&D Fully Remodeled Units
IRR (Leveraged) 30.6%
IRR (Unleveraged) 11.2%
Equity Multiple 1.95